Hacksaw Successfully Ventures into Public Market via IPO
Hacksaw Makes a Grand Entrance on Nasdaq Stockholm
Sweden's B2B technology platform and game development company, Hacksaw AB, has embarked on a new chapter, officially trading on Nasdaq Stockholm after a triumphant initial public offering (IPO). The IPO successfully raised a whopping $404 million, surpassing the initial projections of $378 million.
A Billion-Dollar Valuation for Hacksaw
The IPO saw investors valuate Hacksaw at around $2.3 billion. During the offering, each share was sold for SEK 77 ($8.1). The IPO included 43,478,293 shares, representing 15% of the total shares. Due to its immense popularity and demand, an over-allotment option was provided, allowing the sale of an additional 6,521,707 shares for the grand total of 50 million shares, equating to 17.3% of all shares.
More than 16,000 eager investors joined the Hacksaw family as shareholders. Interestingly, as the IPO involved only existing shares, Hacksaw wouldn't receive any direct proceeds.
Now, Hacksaw is a part of Nasdaq Stockholm's large-cap segment, enabling investors to trade the company's stock under the ticker symbol HACK.
A Warm Welcome from Nasdaq
Christoffer Källberg, Hacksaw's CEO, hailed the listing on Nasdaq Stockholm as an "exciting milestone" for the company. He emphasized that the listing strengthens the company for continued growth as it delivers innovative gaming experiences to partners and players worldwide.
Adam Kostyál, head of European listings at Nasdaq and president of Nasdaq Stockholm, shared similar sentiments, expressing his satisfaction at Hacksaw's successful IPO. He expressed eagerness to support Hacksaw's ongoing success and enhance their visibility on Stockholm's Main Market.
Interestingly, larger shareholders, board members, and management will have a 360-day lock-up period to secure the company's stability. On the other hand, smaller shareholders will face a 180-day restriction.
This Nasdaq debut marked a significant milestone for Hacksaw as its shares surged over 10% on the first trading day, reaching a high of SEK 86.50 and trading at around SEK 85.01 at 09:10 – a 10.4% increase from the subscription price. Impressively, shares worth SEK 366 million changed hands on that auspicious day.
In essence, the initial public offering by Hacksaw AB on Nasdaq Stockholm was well-received, with robust market performance, substantial investor interest, and strong trading volume. This strong debut showcases Hacksaw's robust position in the iGaming technology sector.
- "Hacksaw's success in its initial public offering (IPO) on Nasdaq Stockholm raised a significant amount of $404 million, which has the potential to be used for future financing opportunities within the company,"
- "The valuation of Hacksaw AB, as a result of the IPO, was around $2.3 billion, indicating a strong financial standing and potential for further growth in the iGaming technology sector."
